FULTON MARKET — Sterling Bay was set to begin construction on an 11-story office building last March when coronavirus swept through Chicago, bringing the project to a screeching halt.
Now, more than a year later, the developers are finally breaking ground.
Sterling Bay officials, Deputy Mayor Samir Mayekar and Ald. Walter Burnett Jr. (27th) formally launched the project Wednesday morning at 345 N. Morgan St.
The 230,000-square-foot building, situated between Metra tracks and Ace Hotel, is designed by Eckenhoff Saunders Architects. It includes ground-floor retail, an amenity deck, rooftop deck, fitness center, a co-working library and parking garage.
“Today, after navigating over a year’s worth of pandemic-related challenges, we are proud to break ground on this state-of-the-art development that will build on Fulton Market’s reputation as a premier destination to collaborate and do business in Chicago,” Sterling Bay CEO Andy Gloor said.
The prominent developer acquired the building in 2014 and secured a $100 million construction loan from Bank OZK. Construction is expected to be complete in summer 2022.
Sterling Bay has been behind several prominent developments throughout Fulton Market and the West Loop, including the Google and McDonald’s headquarters.
The developer has several other projects in the works. The company has been approved to build a 14-story office building at the corner of Racine and Carroll avenues and an 18-story office tower at 1000 W. Carroll Ave.
Earlier this month, the company bought a former poultry processing plant at 345 N. Aberdeen St. It also recently proposed a 25-story apartment high-rise at 1245 W. Fulton Market St. and 33-story apartment tower at 160 N. Morgan St.
Burnett credited Sterling Bay for reshaping Fulton Market into a thriving neighborhood.
“We want to commend Sterling Bay for everything they have done in the city of Chicago,” Burnett said. “I’m glad Sterling Bay has made this community its neighborhood.”
Mayekar called the groundbreaking a symbol of Chicago’s resilience throughout the pandemic. This year alone, he said, 30 new company headquarters and 70 corporate expansions have moved forward.
“When you think about today and the rejuvenation of this site, it’s emblematic of the resilience of our city,” Mayekar said. “The place is all want to be … is the West Loop.”
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